How to Buy Cryptocurrency in Venezuela
Buying cryptocurrency in Venezuela
According to CoinDesk’s research analysis of data gathered from Paxful and LocalBitcoins, no country’s economy dealing with hyperinflation has come close to Venezuela in terms of GDP-adjusted activity on peer-to-peer cryptocurrency exchanges. What sets Venezuela apart from other countries facing hyperinflation is the crypto-friendly initiatives of Venezuela’s government. In the middle of the government’s platform bans and the general unease of Venezuelans regarding foreign cryptocurrency coverage, peer-to-peer transactions remained the focus of Venezuela’s cryptocurrency scene. Mostly used for peer-to-peer exchanges, LocalBitcoins became a very popular exchange early on since it was an inexpensive option, but it was also the first thing that was available to Venezuelans the moment there was talk of government regulation of cryptocurrencies in 2017. However, Venezuela’s peer-to-peer Bitcoin trading activities might not have been possible without governmental support. The Venezuelan petro (national cryptocurrency) may have also helped alleviate the populations’ fears of using services like LocalBitcoins.
As of 20/03/2021
These exchanges all accept customers from Venezuela. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options